Answered step by step
Verified Expert Solution
Question
1 Approved Answer
On April 1, 2020, Josi established an interior decorating business, Josi Designs. During the month, Josi completed the following transactions related to the business: Apr.
- On April 1, 2020, Josi established an interior decorating business, Josi Designs. During the month, Josi completed the following transactions related to the business: Apr. 1. Josi transferred cash from a personal bank account to an account to be used for the business, br.150,000. 2. Paid rent for period of April 2 to end of month, br.20,000. 4. Josi received an advance payment of br.27,000 from customer which should be completed within three months 6. Purchased office equipment on account, br.10,000. 8. Purchased a used truck for br.210,000, paying br.20,000 cash and giving a note payable for the remainder. 10. Purchased supplies for cash, br.12,000. 12. Received cash for job completed, br.81,500. 15. Paid annual premiums on property and casualty insurance, br.18,000. 23. Recorded jobs completed on account and sent invoices to customers, br.60,000. 24. Received an invoice for truck expenses, to be paid in April, br.10,000. 29. Paid utilities expense, br.1,100. 29. Paid miscellaneous expenses, br.500. 30. Received cash from customers on account, br.31,500. 30. Paid wages of employees, br.30,000. 30. Paid creditor a portion of the amount owed for equipment purchased on April 6, br.21,500. 30. Withdrew cash for personal use, br.17,500.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started